Summary: 2024-2025 USDA Income Guidelines and Eligibility Updates

2024-2025 USDA Income Guidelines and Eligibility Updates for Florida, Texas, Tennessee, and Alabama!

There have been multiple recent USDA income guideline updates which continue to expand USDA no down payment eligibility to more and more homebuyers. In our recent USDA Income Guidelines video series, we dived deep into the updates and how it can help homebuyers qualify for a USDA loan throughout Florida, Texas, Tennessee, and Alabama.

I know life gets busy for everyone, and in today’s post I wanted to quickly summarize the various USDA income eligibility updates that were recently covered and further explain the importance they have on USDA home loan qualifying.

Now, in case you have not heard, USDA recently published their USDA lender rankings and Metroplex was once again ranked the #1 USDA Lender in Florida! We are honored to have won this top ranking once again and want to thank you for the continued trust and commitment for making this achievement possible!

Part 1 – USDA Income Guidelines: What are USDA Income Eligibility Requirements?

In part 1 of our USDA Income Guidelines series, we explained the difference between USDA Annual Income and USDA Repayment Income.

It is important to remember that USDA income guidelines require calculation of all the income in the household when determining if a household’s income is within the published USDA Income Limits i.e., Annual Income). Guidelines also require lenders to determine if applicants have sufficient income to repayment the mortgage (i.e., Repayment Income).

Part 2 – USDA Income Guidelines: 2024 USDA Debt to Income Ratios are Increasing!

USDA Debt to Income Ratios have been set within the guidelines for years and years, but in this video post, we break down USDA’s big announcement that USDA Debt to Income Ratios are increasing from 29% all the way up to 34% of your gross monthly income! This short video will show just how much this USDA income guidelines change can affect your USDA loan eligibility!

Part 3 – USDA Income Guidelines: 2024 USDA Eligibility for Overtime, Bonus, and Commission Income

While other loan programs can require a two-year history for income that was earned from overtime, bonuses, and commissions, USDA income guidelines offer qualifying flexibility with this this type of income. In today’s post, I will show you how it can be possible to use income from overtime, bonus, and commission income to qualify for a USDA loan with only one year of history!

Part 4 – USDA Income Guidelines: 2024-2025 USDA Income Limits Increased!

Effective, July 12, 2024, USDA announced an increase to their 2024-2025 USDA Income Limits for the Single-Family Housing Guaranteed Loan Program.

A key part of USDA income eligibility involves determining if your household income will meet USDA Income Limits which is also known as “Annual Income.” In this short video, I discussed the recent USDA income limit increases and explain why USDA income limits play such an important part in the USDA qualifying process.

Part 5 – USDA Income Guidelines: USDA Alimony and Child Support Income Requirements

Remember that alimony and child support can affect USDA qualifying in either a positive or negative way since it can be used as both income or count as a recurring monthly liability. In this short video, I am going to share with you the details on how alimony or child support can either increase or reduce the amount you can qualify for with a USDA loan.

Are you in need of a USDA Qualifying Second Opinion?

Now as we all know, Second Opinions are always important – especially with the USDA loan program! If you have financing questions or you are working with another lender, we offer a complimentary service where you can get access to an expert second opinion.

Just call, text, or email to review your scenario and let us show you the “Metroplex” difference!

SeanS@MPLX.org
Call/Text: (863) 593-2001
(800) 806-9836 Ext. 280

As always, I want everyone to make it a great day and I look forward to seeing your right here for the next tip of the week!